News & Resources

Taxing times ahead

Don’t be penalised by the tax system when you exercise your freedoms

The ‘pension freedom’ reforms of 2015 were welcomed by consumers, as they vastly widened options available to most savers at retirement. Pension freedoms allow savers to have the flexibility on how and when to spend their money without being penalised by the tax system, but it is worrying that some individuals plan to withdraw more than the tax-free lump sum limit.

Potential tax bill shock
For those who … Read the rest

Unlocked pension savings

Critical gap in consumer awareness

Drawdown allows most pension holders to withdraw a tax-free lump sum and reinvest the remainder as an income. But hundreds of thousands of DIY drawdown investors are unaware they can scale back or stop their withdrawals, putting them in danger of draining their retirement savings too rapidly, according to new research[1].

Half (52%) of all over-55s taking an income in drawdown do not know they can reduce the value of their withdrawals, and more than … Read the rest

Lost pensions

Make sure your pension savings don’t get left behind

The employment landscape has evolved significantly over the last few decades, and changing jobs multiple times before retirement is now very much the norm. Even if you have not had that many jobs, you may still have a number of different pensions to keep track of.

Nearly two thirds of UK savers have more than one pension, and changing work patterns mean that the number of people with multiple pensions will … Read the rest

Pension scammers: spot the warning signs

Don’t lose your life savings or be persuaded to invest in high-risk schemes

Don’t let scammers enjoy your hard-earned pension proceeds. Anyone can be the victim of a pension scam, no matter how savvy they think they are. It’s important that everyone can spot the warning signs.

Latest figures show that nearly one in ten over-55s fear they have been targeted by suspected scammers since the launch of pension freedoms, new research[1] shows. Cold-calling has been used by fraudsters trying … Read the rest

Cashing out

Pension changes brought a whole new range of options to consider

Unadvised retirees who are now able to dip into their pension are having to return to work to cope with juggling their finances, according to a new report[1]. Pension freedoms have given individuals control over how to spend their retirement savings, but a number of unintended consequences have emerged. Since rules governing how pensions can be taken were dramatically relaxed in 2015, more than a million over-55s have gone
Read the rest

Retirement resilience

Taking the reins and having more control over your pension pot

Saving for retirement is one of our greatest financial priorities, especially as life expectancy is growing and retirements are likely to last longer. It may be the case that you’d prefer to take the reins and have more control over your pension pot. For appropriate investors, one option to consider is a Self-Invested Personal Pension (SIPP).

Please note that a SIPP is a type of Personal Pension, and the … Read the rest

What you need to know

Winners and losers under the new State Pension

The figures for people qualifying for the full new State Pension following its introduction in April 2016 reveal almost two in five pensioners (365,290 people, or 38% of claimants) receive less than £150 a week, while a further 314,290 people (33% of claimants) receive more than £150 a week[1].

The new State Pension is a regular payment from the Government that most people can claim in later life. You can claim the … Read the rest

Thousands of retirees in drawdown lack of planning

Have you worked out how much you can afford to take from your pension pot?

Thousands of retirees shifting their pensions into drawdown are not taking basic steps to work out how much they can afford to take from their pot, putting them at risk of draining their savings too soon, according to new research[1].

Four years on from the introduction of Pension Freedoms, over 435,0001[2] people have shifted their pensions into drawdown. However, just a third (34%) of retirees … Read the rest

Show me the money

Turning pensions into money you can use

Today, you’ve got a number of options and permutations available when it comes to what to do with your pension in retirement. But lots of choice can also mean increased confusion.

Your retirement might seem like a far-off prospect, but knowing how you can access your pension pot can help you understand how best to build for the future you want.

You must have reached a certain minimum pension age set by your … Read the rest

Pension freedoms

Over one million UK savers embrace relaxation of rules

The Government’s announcement on the relaxation of pension rules changed the investment landscape and pension freedoms show no sign of losing their popularity.

HM Revenue & Customs latest figures[1] on the flexible withdrawals from pensions shows that the number of savers who have embraced their freedoms now exceeds one million (1.04 million).

Individual withdrawals
A record-breaking sum of £7.83bn was withdrawn in 2018, up from £6.54bn in 2017. It is reported … Read the rest

Making plans for your retirement

Tailored to match your particular needs and aspirations

One of the most important stages in life which everybody has to save for is retirement. We work hard to enjoy our current lifestyle but are we doing enough to ensure that we can continue to enjoy it in our retirement? Many of us live for today, but saving into a private pension plan can help us retire sooner rather than later.

Pension plans are as individual as the people who invest … Read the rest

Retirement matters

Freedoms to gain accessing your pension pot

Changes to pension rules introduced in 2015 mean you’ve now greater access to your pension. It might seem like a far off prospect but knowing how you can access your pension pot can help you understand how best to build for the future you want.

Under government rules you have a range of choices for how you use your pension money if you have a defined contribution pension and are aged 55 or … Read the rest

Tracing a lost pension

Nearly £20 billion unclaimed money and growing

The scale of the UK’s lost pensions mountain has been exposed by the largest study yet on the subject[1]. The Pensions Policy Institute surveyed firms representing about 50% of the private defined contribution pensions market[2].

From this the Pensions Policy Institute found 800,000 lost pensions worth an estimated £9.7 billion. It estimates that, if scaled up to the whole market, there are collectively around 1.6 million pots worth £19.4 billion unclaimed – the … Read the rest

Retirement income

Plan to enjoy the kind of lifestyle you want in later life

‘Will I be able to afford the retirement lifestyle I want?’ is a question that many people ask but struggle to figure out. There are many ways to assess your likely income in retirement and work out how much you need to put away now to enjoy the kind of lifestyle you want in later life. This is why more and more people, where appropriate, are turning to
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Business freedoms

Contemplating a long-term self-employed future?

Self-employment enables you to exercise your sense of freedom in business decision-making and to choose your own business path. There are many benefits to becoming a self-employed freelancer or running your own business: the flexible hours, the option to work from home, no fixed holiday allowance, and, of course, being your own boss. But it’s vital to remember that there is no sick pay, life insurance or pension scheme benefits, unless you arrange to put
Read the rest

State Pension

Move to equalise male and female pension ages

Women will now start to qualify for the State Pension at the same age as men, currently set at 65. The move to equalise male and female pension ages began 25 years ago and has been gradually phased in. Your State Pension age is the earliest age you can start receiving your State Pension. It may be different to the age you can get a workplace or personal pension.

The State Pension … Read the rest

Looking at the big retirement picture

Considering making contributions ahead of the tax year end?

Investing for the future is vital if you want to enjoy a financially secure retirement, and it requires you to look at the big picture. Although pensions can be complicated, we will help you get to grips with the rules if you are considering making contributions ahead of the tax year end. Here are our top pension tax tips.

Annual and lifetime limits
Getting tax relief on pensions means some of … Read the rest

No guarantee can be given that the information provided is accurate in the present or the future. It is not intended to constitute either a statement of applicable law or financial advice, and responsibility cannot be accepted for any subsequent loss following activity or inactivity by any individual or organisation. Indeed, such information should NOT be acted upon without first receiving appropriate and specific professional advice.